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National Fuel Gas Executive Compensation (FY25)

NFG · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
David Bauer
Median of the other named officers
$2,273,182
6 officers, excluding the chief executive
Latest say-on-pay support
=
March 12, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of November 5, 2026Latest filing (8-K): March 13, 2026
13 filings cited on this page
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472 figures on this page: 462 cited to the filing that reported them, 10 calculated from figures it prints. See the citations

More on National Fuel Gas

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — David Bauer: $8,653,166 → $9,119,455 (5.4% higher)
Say-on-pay support: 87.1% → 97.3% (10.2 points higher)
CEO pay ratio: 73:1 → 98:1 (34.2% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is National Fuel Gas' chief executive and what were they paid?
David Bauer, President and Chief Executive Officer, received $9,119,455 in total compensation for fiscal 2025. Compared with the $8,653,166 reported for fiscal 2024, Bauer's total was 5.4% higher.
What was National Fuel Gas' say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 97.3% of votes cast including abstentions in favor at the meeting held March 12, 2026.
Which companies are in National Fuel Gas' peer group?
The disclosed peer group names Antero Midstream Corporation, Atmos Energy Corporation, CNX Resources Corporation, Coterra Energy Inc. and DT Midstream Inc., among others. The E&P Peer Group names Antero Resources Corporation, Berry Corporation, California Resources Corporation, Chesapeake Energy Corporation and Chord Energy Corporation, among others. Companies named in the additional disclosed peer group include Antero Midstream Corporation, Atmos Energy Corporation, CNX Resources Corporation, Coterra Energy Inc. and DT Midstream Inc., among others.
What is National Fuel Gas' chief executive pay ratio?
The company reported a chief executive pay ratio of 98:1 for fiscal 2025, against median employee compensation of $93,115.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Bauer
President and Chief Executive Officer
◇—◇—◇◇◇◇
Ronald Kraemer
Chief Operating Officer
◇—◇—◇◇◇◇
Justin Loweth
President of Seneca Resources Company, LLC
◇◇◇—◇—◇◇
Donna DeCarolis
President of National Fuel Gas Distribution Corporation
◇—◇—◇◇◇◇
Karen Camiolo
Treasurer and Principal Financial Officer
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Bauer
President and Chief Executive Officer
◇—◇—◇◇◇◇
Ronald Kraemer
Former Chief Operating Officer
◇—◇—◇◇◇◇
Justin Loweth
President of Seneca Resources Company, LLC
◇—◇—◇—◇◇
Donna DeCarolis
Former President of National Fuel Gas Distribution Corporation
◇—◇—◇◇◇◇
Timothy Silverstein
Treasurer and Chief Financial Officer
◇◇◇———◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Bauer
President and Chief Executive Officer
◇—◇—◇◇◇◇
Justin Loweth
President of Seneca Resources Company, LLC
◇—◇—◇—◇◇
Ronald Kraemer
Former Chief Operating Officer
◇—◇—◇◇◇◇
Donna DeCarolis
Former President of National Fuel Gas Distribution Corporation
◇—◇—◇◇◇◇
Timothy Silverstein
Treasurer and Chief Financial Officer
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Bauer
President and Chief Executive Officer
◇◇◇—◇◇◇◇
Justin Loweth
President of Seneca Resources Company, LLC
◇◇◇—◇—◇◇
Ronald Kraemer
Former Chief Operating Officer
Departed during or after this year
◇—◇—◇◇◇◇
Donna DeCarolis
Former President of National Fuel Gas Distribution Corporation
Departed during or after this year
◇—◇—◇◇◇◇
Joseph Del Vecchio
President of National Fuel Gas Supply Corporation
◇◇◇——◇◇◇
Timothy Silverstein
Treasurer and Chief Financial Officer
◇◇◇—◇—◇◇
Martin Krebs
Chief Information Officer
◇◇◇—◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
David P. BauerPSU◇◇◇—◇—◇
David P. BauerPSU◇◇◇—◇—◇
David P. BauerPSU◇◇◇—◇—◇
David P. BauerRSU◇——◇——◇
Donna L. DeCarolisPSU◇◇◇—◇—◇
Donna L. DeCarolisPSU◇◇◇—◇—◇
Donna L. DeCarolisPSU◇◇◇—◇—◇
Joseph N. Del VecchioRSU◇——◇——◇
Joseph N. Del VecchioPSU◇◇◇—◇—◇
Joseph N. Del VecchioPSU◇◇◇—◇—◇
Joseph N. Del VecchioPSU◇◇◇—◇—◇
Justin I. LowethPSU◇◇◇—◇—◇
Justin I. LowethPSU◇◇◇—◇—◇
Justin I. LowethRSU◇——◇——◇
Justin I. LowethPSU◇◇◇—◇—◇
Martin A. KrebsPSU◇◇◇—◇—◇
Martin A. KrebsPSU◇◇◇—◇—◇
Martin A. KrebsRSU◇——◇——◇
Martin A. KrebsPSU◇◇◇—◇—◇
Ronald C. KraemerPSU◇◇◇—◇—◇
Ronald C. KraemerPSU◇◇◇—◇—◇
Ronald C. KraemerPSU◇◇◇—◇—◇
Timothy J. SilversteinRSU◇——◇——◇
Timothy J. SilversteinPSU◇◇◇—◇—◇
Timothy J. SilversteinPSU◇◇◇—◇—◇
Timothy J. SilversteinPSU◇◇◇—◇—◇
Fiscal 2022 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
David BauerRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Justin LowethRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Ronald KraemerRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Donna DeCarolisRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Timothy SilversteinRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Martin KrebsRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Joseph N. Del VecchioRSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Martin Krebs
Chief Information Officer · Terms as described in the company’s compensation discussion
Severance cash amount◇
Timothy Silverstein
Treasurer and Chief Financial Officer · Terms as described in the company’s compensation discussion
Severance cash amount◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David F. Smith
Board chair
◇◇———◇◇
Jeffrey W. Shaw
Lead independent director
◇◇———◇◇
Joseph N. Jaggers
◇◇———◇◇
Rebecca Ranich
◇◇———◇◇
David C. Carroll
◇◇———◇◇
David H. Anderson
◇◇———◇◇
Thomas E. Skains
◇◇———◇◇
Barbara M. Baumann
◇◇———◇◇
Ronald J. Tanski
◇◇———◇◇
Steven C. Finch
◇◇———◇◇
David P. Bauer served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as Common Stock.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Antero Midstream Corporation AM
  • Atmos Energy Corporation ATO
  • CNX Resources Corporation CNX
  • Coterra Energy Inc. CTRA
  • DT Midstream Inc. DTM
  • EQT Corporation EQT
  • Gulfport Energy Corporation GPOR
  • MDU Resources Group, Inc. MDU
  • New Jersey Resources Corporation NJR
  • ONE Gas, Inc. OGS
  • Range Resources Corporation RRC
  • SM Energy Company SM
  • Southwest Gas Holdings, Inc. SWX
  • Spire Inc. SR
  • UGI Corporation UGI
E&P Peer Group
  • Antero Resources Corporation AR
  • Berry Corporation BRY
  • California Resources Corporation CRC
  • Chesapeake Energy Corporation CHDN
  • Chord Energy Corporation CHRD
  • Comstock Resources Inc. CRK
  • Crescent Energy Company CRGY
  • Kosmos Energy Ltd. KOS
  • Magnolia Oil & Gas Corporation MGY
  • Matador Resources Company MTDR
  • Murphy Oil Corporation MUR
  • Permian Resources Corporation PR
  • Southwestern Energy Company SWN
  • Talos Energy Inc. TALO
  • Vital Energy, Inc. (formerly Laredo Petroleum, Inc.) VTL
Additional disclosed peer group
  • Antero Midstream Corporation AM
  • Atmos Energy Corporation ATO
  • CNX Resources Corporation CNX
  • Coterra Energy Inc. CTRA
  • DT Midstream Inc. DTM
  • EQT Corporation EQT
  • Gulfport Energy Corporation GPOR
  • MDU Resources Group, Inc. MDU
  • New Jersey Resources Corporation NJR
  • ONE Gas, Inc. OGS
  • Range Resources Corporation RRC
  • Southwest Gas Holdings, Inc. SWX
  • Spire Inc. SR
  • UGI Corporation UGI

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025March 12, 2026=◇◇◇
2024March 13, 2025=◇◇◇
2023March 8, 2024=◇◇◇
2022March 9, 2023=◇◇◇
2021March 10, 2022=◇◇◇
2020March 11, 2021=◇◇◇
2019March 11, 2020=◇◇◇
2018March 7, 2019=◇◇◇
2017March 8, 2018=◇◇◇
2016March 9, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- David Bauer (President and Chief Executive Officer), FY2025 total compensation $9,119,455 (base salary $1,095,000) [exec_comp, SEC accession 0001193125-26-020739, filed 2026-01-23]

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What this page does not include

Everything above is a fact National Fuel Gas disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where National Fuel Gas sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
472 figures on this page: 462 cited to the filing that reported them, 10 calculated from figures it prints.
462 cited to the filing
10 calculated from the filing

Documents cited

  1. 0001193125-26-106081
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-020739
    CEO Pay Ratio · Director Compensation · Fiscal 2025 Summary Compensation Table · Grants of Plan-Based Awards in Fiscal 2025 · and 1 more section
  4. 0001193125-25-055608
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0001193125-24-064998
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001193125-23-066129
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0001193125-23-011711
    Fiscal 2022 Summary Compensation Table
  8. 0001193125-22-076018
  9. 0001193125-21-082784
  10. 0001193125-20-074445
  11. 0001193125-19-070933
  12. 0001193125-18-080830
  13. 0001193125-17-083668
Cite this data
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Velarion, “National Fuel Gas executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/NFG (accessed 2026).
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13 filings cited on this page
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Peers National Fuel Gas discloses

The companies named in NFG's own disclosed peer group.

Antero Midstream CorporationAtmos Energy CorporationCNX Resources CorporationCoterra Energy Inc.DT Midstream Inc.EQT CorporationGulfport Energy CorporationMDU Resources Group, Inc.New Jersey Resources CorporationONE Gas, Inc.Range Resources CorporationSM Energy CompanySouthwest Gas Holdings, Inc.Spire Inc.UGI CorporationAntero Resources CorporationBerry CorporationCalifornia Resources CorporationChesapeake Energy CorporationChord Energy CorporationComstock Resources Inc.Crescent Energy CompanyKosmos Energy Ltd.Magnolia Oil & Gas Corporation

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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